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Larry recently invested $27,500 (tax basis) in purchasing a limited partnership interest in which he...

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Accounting

Larry recently invested $27,500 (tax basis) in purchasing a limited partnership interest in which he will have no management rights in the company. His at-risk amount is also $27,500. In addition, Larry's share of the limited partnership loss for the year is $2,375, his share of income from a different limited partnership is $1,150, and he has $3,750 of dividend income from the stock he owns. How much of Larry's $2,375 loss from the limited partnership can he deduct in the current year?

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